A June memo predicted Pay By Touch's downfall

Back in June 2004, an email from biometrics firm Pay By Touch went out to potential investors. It touted a "very special & very unusual" investment opportunity. Three years later, Pay By Touch investors were sending out a very different kind of memo about their special and unusual investment. Pay By Touch is the 750-employee company run by financially and morally bankrupt convicted felon John Rogers. The subject line of the recent missive? "The time for change is now." Here's the 100-word version.

I am writing out of concern. The company did not pay its employees at the end of May. The company has amassed debt and not paid vendors and contractors for months. Key personnel have begun to resign, including the fifth CFO in the last 4 years. Employees have little confidence in the CEO and the board. Change is warranted. Elect a board beholden to all and not a few shareholders.The current CEO is responsible for the current situation.